Public Company Information:
NASDAQ: ADSK
SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ:ADSK) has just released its financial results for the fourth quarter and full fiscal year that ended on January 31, 2015. The impressive rise in billings and subscriptions, along with record cash flow from operating activities, highlights the company's ongoing progress in transitioning its business model.
Fourth Quarter Fiscal 2015:
- Total billings increased by 13 percent compared to the same period last year, and 20 percent on a constant currency basis.
- Deferred revenue surged by 28 percent to a record $1.16 billion, up from $901 million in the fourth quarter of the previous year.
- Total subscriptions, including maintenance, desktop (rental), and cloud subscriptions, grew by approximately 100,000 from the third quarter of fiscal 2015. Approximately 17,000 of these subscriptions were linked to the recent acquisition of Shotgun. This marks the first quarter that Shotgun subscriptions have been included in the subscription count.
- Revenue reached $665 million, increasing by 13 percent compared to the fourth quarter last year, and 15 percent on a constant currency basis. Revenue from the recent acquisition of Delcam contributed approximately $20 million.
- GAAP operating margin stood at 2 percent, compared to 9 percent in the fourth quarter last year.
- Non-GAAP operating margin was 13 percent, compared to 20 percent in the fourth quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- GAAP diluted earnings per share were $0.05, compared to $0.23 in the fourth quarter last year.
- Non-GAAP diluted earnings per share were $0.25, compared to $0.40 in the fourth quarter last year.
- Cash flow from operating activities was a record $257 million, compared to $184 million in the fourth quarter last year.
"Our strong fourth quarter results capped off a fantastic year for Autodesk," said Carl Bass, Autodesk president and CEO. "Strength in our core Architecture, Engineering and Construction (AEC) and Manufacturing business segments led to over-performance on nearly all metrics, including billings, revenue, deferred revenue, subscription additions, and cash flow. Fiscal 2015 marked the first year of our business model transition to more cloud and term-based subscription offerings, and we are pleased with our early progress. Our subscription offerings provide our customers with greater flexibility and create a new and better experience. Over the course of the next two years, we expect to transition the vast majority of our business to these subscription offerings."
Fourth Quarter Operational Overview:
Revenue from EMEA was $273 million, an increase of 19 percent compared to the fourth quarter last year, and 21 percent on a constant currency basis. Revenue in the Americas increased 15 percent compared to the fourth quarter last year to $238 million. Revenue in APAC was $154 million, an increase of 2 percent compared to the fourth quarter last year, and 7 percent on a constant currency basis. Revenue from emerging economies was $107 million, an increase of 21 percent compared to the fourth quarter last year, and 22 percent on a constant currency basis. Revenue from emerging economies accounted for 16 percent of total revenue in the fourth quarter.
Revenue from the AEC business segment was $242 million, an increase of 24 percent compared to the fourth quarter last year. Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $189 million, a decrease of 4 percent compared to the fourth quarter last year. Revenue from the Manufacturing business segment was $190 million, an increase of 23 percent compared to the fourth quarter last year. Revenue from the Media and Entertainment business (M&E) segment was $43 million, an increase of 5 percent compared to the fourth quarter last year.
Revenue from Flagship products was $298 million, an increase of 4 percent compared to the fourth quarter last year. Revenue from Suites was $249 million, an increase of 15 percent compared to the fourth quarter last year. Revenue from New and Adjacent products was $117 million, an increase of 41 percent compared to the fourth quarter last year.
Fiscal 2015 Highlights*:
- Total billings increased 18 percent compared to fiscal 2014, and 20 percent on a constant currency basis.
- Revenue was $2.51 billion, an increase of 10 percent compared to fiscal 2014, and 12 percent on a constant currency basis. Revenue contribution from the recent acquisition of Delcam was approximately $48 million.
- Total subscriptions (maintenance, desktop, and cloud) increased by approximately 385,000 to 2.23 million.
- Revenue from Suites increased 17 percent.
- Revenue from the AEC business segment increased 19 percent.
- Revenue from the Manufacturing business segment increased 17 percent.
- Total deferred revenue increased 28 percent to $1.16 billion.
- Cash flow from operations increased 26 percent to $708 million.
*All numbers are compared to fiscal 2014.
Business Outlook:
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below. Autodesk’s business outlook for the first quarter and full year fiscal 2016 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release.
First Quarter Fiscal 2016:
| Metric | Guidance Range |
|------------------------------|----------------------------|
| Revenue (in millions) | $625 – $645 |
| EPS GAAP | $0.01 – $0.06 |
| EPS Non-GAAP (1) | $0.25 – $0.30 |
(1) Non-GAAP earnings per diluted share exclude $0.16 related to stock-based compensation expense and $0.08 for the amortization of acquisition related intangibles, net of tax.
Full Year Fiscal 2016:
| Metric | Guidance Range |
|------------------------------|----------------------------|
| Billings growth (1) | 3 – 5% |
| Revenue growth (2) | 3 – 5% |
| GAAP operating margin | 2 – 4% |
| Non-GAAP operating margin | 13 – 15% |
| EPS GAAP | $0.10 – $0.25 |
| EPS Non-GAAP (3) | $1.05 – $1.20 |
| Net subscription additions | 375,000 – 425,000 |
(1) On a constant currency basis, billings growth would be 9% – 11%.
(2) On a constant currency basis, revenue growth would be 7% – 9%.
(3) Non-GAAP earnings per diluted share exclude $0.70 related to stock-based compensation expense and $0.25 for the amortization of acquisition related intangibles, net of tax.
The first quarter and full year fiscal 2016 outlook assume a projected annual effective tax rate of 28 percent and 26 percent for GAAP and non-GAAP results, respectively.
Earnings Conference Call and Webcast:
Autodesk will host its fourth quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk’s website simultaneously with this press release.
NOTE: The prepared remarks will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.
A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk’s website for at least 12 months.
Safe Harbor Statement:
This press release contains forward-looking statements that involve risks and uncertainties, including statements in the paragraphs under “Business Outlook†above, statements regarding the impacts of our business model transition, statements regarding growth in our cloud and term-based subscription offerings, and other statements regarding our strategies, market and products positions, performance, and results. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: general market, political, economic and business conditions; failure to maintain our revenue growth and profitability; failure to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our continuing efforts to attract customers to our cloud-based offerings and expenses related to the transition of our business model; failure to control our expenses; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; difficulties encountered in integrating new or acquired businesses and technologies; the inability to identify and realize the anticipated benefits of acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and the timing of large transactions; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; failure to achieve sufficient sell-through in our channels for new or existing products; pricing pressure; unexpected fluctuations in our tax rate; the timing and degree of expected investments in growth and efficiency opportunities; changes in the timing of product releases and retirements; and any unanticipated accounting charges.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Annual Report on Form 10-K for the year ended January 31, 2014 and Quarterly Reports on Form 10-Q for the quarters ended April 30, July 31, 2014, and October 31, 2014, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Autodesk:
Autodesk helps people imagine, design and create a better world. Everyone—from design professionals, engineers and architects to digital artists, students and hobbyists—uses Autodesk software to unlock their creativity and solve important challenges. For more information visit autodesk.com or follow @autodesk.
© 2015 Autodesk, Inc. All rights reserved.
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